China’s Central Bank Says All Cryptocurrency Transactions Are Illegal

The People’s Bank of China will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading.

China’s central bank declared all cryptocurrency transactions illegal on Friday, banning overseas crypto exchanges from providing services to investors in the country as it continues its crackdown on cryptocurrencies.

gettyIn an update on its website, the People’s Bank of China announced that it will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading, ReutersThe regulator also noted that it will step up monitoring of risks from activities related to cryptocurrency.

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